Nitin Spinners' Board approves Rs 300 crore expansion project

NEW DELHI: Rajasthan-based cotton yarn manufacturer Nitin Spinners' Board today approved a Rs 300 crore expansion project to widen the range of its cotton products.

"In order to further expand its product range and to establish leadership position in the market, the Board of Directors of the Company have approved expansion project at an estimated cost of Rs 300 crore for additions in the capacity of Ring Spinning & Rotor Spinning facilities at the existing location," Nitin Spinners' said in a BSE filing.

The project is proposed to be financed partly through term loan and partly through internal accruals.

The expansion project is eligible for interest subsidy on term loan for capital expenditure under Technology Upgradation Fund Scheme (TUFS) of Central Government and Rajasthan Investment Promotion Scheme, 2014.